Independent Bank Corp. (NASDAQ:INDB) Receives Average Recommendation of “Moderate Buy” from Brokerages

Independent Bank Corp. (NASDAQ:INDB) has been given a consensus recommendation of “Moderate Buy” by the eight analysts that are currently covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, two have given a hold recommendation, four have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price objective among analysts that have covered the stock in the last year is $91.5714.

A number of research firms have recently issued reports on INDB. Hovde Group assumed coverage on shares of Independent Bank in a report on Friday, May 15th. They set an “outperform” rating and a $95.00 price target on the stock. Barclays lifted their price objective on shares of Independent Bank from $80.00 to $82.00 and gave the stock an “underweight” rating in a research report on Tuesday, April 7th. Weiss Ratings raised shares of Independent Bank from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, May 8th. Stephens began coverage on Independent Bank in a report on Wednesday, April 15th. They issued an “overweight” rating and a $88.00 target price for the company. Finally, Raymond James Financial reaffirmed a “strong-buy” rating and issued a $97.00 target price on shares of Independent Bank in a research report on Friday, April 17th.

Independent Bank Trading Up 1.1%

NASDAQ:INDB opened at $83.21 on Friday. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.22. Independent Bank has a 1-year low of $61.55 and a 1-year high of $87.00. The firm has a market capitalization of $4.02 billion, a price-to-earnings ratio of 16.51 and a beta of 0.77. The stock has a fifty day simple moving average of $80.35 and a 200 day simple moving average of $78.90.

Independent Bank (NASDAQ:INDB) last posted its quarterly earnings data on Thursday, April 16th. The bank reported $1.68 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.70 by ($0.02). Independent Bank had a return on equity of 8.66% and a net margin of 19.14%.The company had revenue of $252.72 million for the quarter, compared to analyst estimates of $251.45 million. During the same quarter in the previous year, the firm posted $1.06 EPS. Sell-side analysts forecast that Independent Bank will post 7.28 earnings per share for the current year.

Independent Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 9th. Investors of record on Monday, June 29th were paid a $0.64 dividend. This represents a $2.56 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend was Monday, June 29th. Independent Bank’s dividend payout ratio is currently 50.79%.

Insider Transactions at Independent Bank

In other Independent Bank news, Director Joseph C. Lerner sold 2,832 shares of the firm’s stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $77.31, for a total transaction of $218,941.92. Following the completion of the sale, the director directly owned 16,215 shares in the company, valued at approximately $1,253,581.65. This trade represents a 14.87% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 1.60% of the company’s stock.

Hedge Funds Weigh In On Independent Bank

Large investors have recently made changes to their positions in the business. Salomon & Ludwin LLC boosted its holdings in shares of Independent Bank by 167.2% during the fourth quarter. Salomon & Ludwin LLC now owns 358 shares of the bank’s stock worth $27,000 after purchasing an additional 224 shares during the period. Ballast Advisors LLC acquired a new position in Independent Bank in the 1st quarter valued at approximately $30,000. Advisory Services Network LLC acquired a new position in Independent Bank in the 3rd quarter valued at approximately $32,000. EverSource Wealth Advisors LLC lifted its position in Independent Bank by 233.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 550 shares of the bank’s stock worth $35,000 after buying an additional 385 shares in the last quarter. Finally, Danske Bank A S purchased a new stake in Independent Bank in the 3rd quarter worth approximately $42,000. Institutional investors and hedge funds own 83.40% of the company’s stock.

About Independent Bank

Independent Bank Group, Inc (NASDAQ:INDB) is a bank holding company headquartered in McKinney, Texas, that provides a range of financial services through its wholly owned subsidiary, Independent Bank. Tracing its roots to the late 19th century, the company has grown from a single community bank into a regional financial institution serving individuals, small businesses and commercial clients. Independent Bank Group became a bank holding company in 1983 and expanded its footprint through organic growth and strategic acquisitions.

The company’s primary business activities encompass retail and commercial banking, including deposit products, consumer and business lending and credit services.